Indiana Pacers All-Star forward Paul George will announce his contract extension on Wednesday, according to a source close to the negotiations. Matt Kryger / The Star

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The Indiana Pacers and All-Star forward Paul George will announce his contract extension at a news conference at 11 a.m. Wednesday at Bankers Life Fieldhouse, according to a source close to the negotiations.

George is eligible for a five-year contract that will pay him approximately $80 million to $90 million, according to the NBA's collective bargaining agreement. If he is named to one of the ...